Quote:
Originally Posted by AC2717
two ways of looking at this:
yes you want to give yourself the same amount of coverage if someone hits you and they don't have coverage vs you hitting them and having coverage.
Here is the opposite side of that argument: If you have health insurance you are already covered and there is really no need to purchase a large amount of this coverage. keeping in mind that Uninsured Boaters coverage (as well on your auto coverage) is for bodily injury only most times and if you have health insurance they will cover your injruies and bills. Insurance companies like it when you pay extra for this coverage.
The holes to this are, if you have someone on your boat that does not have health insurance you would need that coverage for them. My question to you as an agent would be: who rides in your boat 99% of the time and what is the cost of the difference. Then my other question to you is: I am assuming that the $500k is a aggregate limit, and not a per person limit. What is the per person limit with the $500k being the max?
I personally would want to be more concerned with coverages like the Property Damage limit, pollution, your liability limit (making sure you have a high per occurrence limit) and boat recovery in the event of it sinking or the like. Hospital bills can be worked out and more than likely your passengers will have health insurance, but there are major costs associated with all the above.
Can you tell me what your per occurrence rate is on your liability limit (guessing $250k with a $500k aggregate for bodily injury). What is the Property Damage limit they are offering. the PHYSICAL damage limit is for your boat, the Property Damage limit is coverage for other peoples property?
I am always concerned when people sell the liability limit and don't include what the property damage limit is, think about it, hitting a Cruiser and totaling it $50k, $100k not gonna cut it, a brand new 23 cobalt is $75-$80k or even some of these new pontoon boats are pushing the values
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There are two basic types of liability coverage in insurance; Split limits and Combined Single Limits (CSL) and applies to Liability or Uninsured/Underinsured limits.
Split limits are, for instance, 100/300/10 or 250/500/25. It works out to be $100,000 liability for each person, $300,000 each accident (maximum total of all claimants) and $10,000 Property Damage. If one person was hurt and won a judgement of $200,000 against you, the most the insurance company is liable for is $100,000. You are on the hook for the other $100,000.
CSL is, for instance, $300k or $500k. In this case, the total of all claimants for injury and property damage is capped at $300,000 or $500,000 respectively, regardless of each individual's claim or judgment. Nice item here is that you are less likely to be on the hook for excess as above, and in the case of little injury claim but a large PD claim ($200,000 boat is totaled
) for which you are at fault, you have that coverage. In split limit coverage, PD limits are usually quite low, and increasing that portion of the coverage is quite expensive.